Settlements

ST-315
Schnitzer Steel Industries, Inc. / Si Chan Wooh
Schnitzer Steel Industries, Inc.
United States
Securities and Exchange Commission
China, South Korea
2007
06/29
Unknown
Individual
Civil
Consent to Permanent Injunction
Disgorgement of Bonuses, Prejudgment Interest, Civil Penalty
$41,131.90
$14,819
$1,312.52
$25,000
$0
Art.16
Art. 1, Art. 8
Bribery of Foreign Officials, Aiding and Abetting Schnitzer Steel Industries' Bribery of Foreign Officials; Aiding and Abetting Schnitzer Steel Industries' Internal Controls Violatons, Aiding and Abetting Schnitzer Steel Industries' Falsification of Books and Records
No admission or denial of alleged offenses
Yes
According to the US Securities and Exchange Commission Litigation Release, on June 29, 2007, the Commission "announced charges against a former executive of Portland, Oregon-based Schnitzer Steel Industries, Inc., for violating the anti-bribery provisions of the Foreign Corrupt Practices Act ("FCPA"). Without admitting or denying the allegations, Si Chan Wooh of Tacoma, Washington, the former Executive Vice President and head of a Schnitzer subsidiary, agreed to pay approximately $40,000 in disgorgement, interest and penalties. The Commission's complaint, filed in federal district court in Portland, Oregon, alleges that from at least 1999 through 2004, Wooh paid over $200,000 in cash bribes and other gifts to managers of government-owned steel mills in China to induce them to purchase scrap metal from Schnitzer. According to the Commission, Schnitzer realized over $6.2 million in profits from sales to customers procured through these illicit payments. The Complaint further alleges that during the same period, Wooh made or authorized similar payments totaling over $1.7 million to managers of privately owned steel mills in both China and South Korea." (Source: US Securities and Exchange Commission Litigation Release No. 20174 / June 29, 2007, SEC v. Si Chan Wooh, Case No. CV-07-957 ST. (D. Or. filed June 29, 2007), "SEC Settles Charges Against Former Portland Steel Executive for Anti-Bribery Statute Violations.")